Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesCopyBotsEarn

CatCoin Issues Legal Ultimatum to BitForex Over Token Withdrawals

CoineditionCoinedition2024/05/24 11:25
By:Ikemefula Aruogu
  • CatCoin warns BitForex regarding the withdrawal of CAT tokens
  • The meme-based project threatens legal action against BitForex and Jason Luo
  • CatCoin calls on the Hong Kong Police to intervene on the matter

CatCoin (CAT), a meme-based community-influenced crypto project, has warned the BitForex Crypto Exchange regarding CAT tokens withdrawal.

In a recent post on X, CatCoin representatives threatened to pursue legal action against BitForex and its former CEO, Jason Luo.

This is a formal warning to @bitforexcom Exchange regarding the withdrawal of $CAT tokens. We may pursue legal action against both Bitforex and its former CEO, @JasonLuoBF , who remains in charge of the exchange. Despite repeated attempts to contact both parties, there has been…

— CatCoin (@catcoin) May 24, 2024

According to CatCoin, it has made multiple efforts to contact BitForex but received no response. The meme-based project’s team issued the post as a final notice to the crypto exchange, requesting BitForex to respond to its complaints via an official email it provided.

Meanwhile, the CatCoin team called on the Hong Kong Police Force to intervene and act appropriately against BitForex and Jason Luo. In addition, the team accused BitForex of tarnishing the reputation of the crypto industry and called upon crypto influencers to address the situation.

BitForex went offline in February, less than one month after Jason Luo stepped down as the company’s CEO. The crypto exchange shut down abruptly, leaving users confused and concerned over the fate of their assets. In his resignation speech, Luo noted he would continue to support the firm with his experience and knowledge.

The CatCoin team believes Luo is still involved with the exchange, alleging that the former CEO is in charge of operations at BitForex despite the inactive state of the firm in the past few months. The exchange’s X account has had no activity since February 21, when it posted, “We are the top encryption projects in 2024?”

Notably, the CatCoin team is one of several entities affected by BitForex’s unannounced collapse. The crypto exchange has failed to provide any tangible reason for its collapse despite several complaints, especially on the exchange’s official Telegram channel.

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Stake to earn
APR up to 10%. Always on, always earning.
Stake now!

You may also like

Bitcoin ETFs set to attract liquidity and speculation as IBIT options trading gains approval

The U.S. Securities and Exchange Commission approved BlackRock’s proposal to list and trade options for its spot bitcoin ETF.Retail traders typically use options for speculation while larger institutions use options as a hedge.

The Block2024/09/24 20:09

TrustToken, TrueCoin settle with SEC over TUSD allegations

The SEC claims the reserves backing TUSD were being held in a “speculative fund”

Blockworks2024/09/24 19:48

China stimulus boosts stocks, but crypto remains stagnant

China’s stimulus lifted global stock indices but failed to shake the cryptocurrency market out of its current stagnation.Meanwhile, QCP Capital analysts suggest that recent monetary easing in both China and the U.S. could provide near-term support, with market participants expecting an upward move in ether.

The Block2024/09/24 18:55